AreaRepublic of Korea

Commodity GroupRice

CommodityAll

Date26/10/2015

Policy CategoryStocks

Policy InstrumentGovernment procurement

DescriptionAnnounced that, in order to advert further pressure on local quotations, the Government would purchase 200 000 tonnes of rice locally, at market prices. The volume would add to a combined 390 000 tonnes of produce to be procured as part of the Public Rice Stockholding Program and for the ASEAN Plus Three Emergency Rice Reserve (APTERR). Further financial incentives, including an additional Won 200 billion (USD 172 million) worth of concessional loans, would be provided to sustain purchases by rice millers.

NotesExchange rate as of 1 December 2015.